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Renting vs Buying: What’s the Best Choice for You?

Investing in property is one of the biggest (and most advantageous) investments you can make, but for many people, it’s difficult to gather the initial funds to make it happen — especially for younger and first-time buyers. That’s why it’s easy to choose to rent instead of money and fees are the main factors in your decision.

However, there’s a lot more to consider than that, and the initial fees may not be as complicated as you first thought.

Here are the renting vs buying pros and cons you should think about.

Buying a Home


  • It’s an investment. With every mortgage repayment you make, you are paying into something which you own. With some properties, you may be able to make a significant profit if you come to sell, too, such as through renovation work.
  • It can help your credit score. Having a mortgage and successfully make repayments will be a huge positive for your credit history.
  • More flexibility. With your own home, you don’t have to worry about landlord rules and have the freedom to live your own way.
  • There are schemes available to help with first-time buyers, such as Help to buy new builds available to those who want to get onto the property ladder with a new home.


  • It can be very difficult to find the upfront fees, such as a deposit, and commit to long-term mortgage repayments.
  • It’s a long-term commitment. If you’re uncertain about the future, unsure where you’re going to be in 10 years, or generally aren’t a fan of making such a huge commitment, buying can be daunting. While you can always sell, it’s never certain how long that might take.
  • You need to be approved for a mortgage in a much stricter way than you do compared to renting. You may not even get a mortgage approved depending on your circumstances.

Renting a Home


  • You will need to pay significantly less upfront, as your deposit will only usually be equal to the first month’s rent. You also won’t be faced with the same high number of other fees associated with buying.
  • The process is much quicker, both for moving into a property, and moving out of it in future. With renting, you may be in a new property within a week of applying, and you can also move out easily with enough notice to your landlord.
  • You’re not responsible for maintenance. You don’t have to worry about big bills for broken boilers or leaks, as this will all be taken care of (and paid for) by the landlord.


  • It’s not an investment opportunity. Any rent you pay on the property will not benefit your own investment, and you will have no chance to make money off any property you rent.
  • You have to adhere to your landlord’s rules, which could be very strict. This means you may not have freedom for making decisions on interior decorating, having pets or other lifestyle choices.
  • Uncertain future. Your landlord is ultimately in control of what happens to the property. Even if you sign an agreement to be a tenant for a minimum amount of time, your landlord can still decide to sell the property in future, meaning you’ll have to find somewhere else to live.

Making a Decision

Ultimately, the right decision depends on your lifestyle and financial dependability. Renting can be a quicker and cheaper option, but buying can be a worthwhile and rewarding long-term commitment.

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